Hearts will become fan-owned later this month when the Foundation of Hearts takes control of Ann Budge’s shares.

The fans’ group will complete its takeover on August 30 when Budge transfers her majority shareholding.

Budge invested £2.5million to get the Tynecastle club out of administration in 2014 in a deal which saw the Foundation of Hearts pledge to buy her out over a period of time.

“This is a truly historic occasion for the club and its supporters,” Foundation of Hearts chairman Stuart Wallace told the club’s official website.

“The handover has been delayed by the pandemic but the legal details will shortly be completed and we can look forward to Heart of Midlothian becoming the largest fan-owned football club in the country.

“This iconic moment in time is not the end of a story but the beginning of a new one.

“The Foundation and its many pledgers become the custodians of this great club and as we do so, we will rightly celebrate what has happened so far, but more importantly look ahead to what we can continue to achieve to support the club we love.

“We have all been in the blessed position – though it certainly did not appear that way back in the dark days of 2013 – of helping to save our club and ensuring that future generations could experience the ecstasy and yes, the occasional agony, of following Hearts.

“On August 30, we can all take a moment to reflect on how far we have come together – and in our new custodial role, look forward to ensuring that the next chapter of our story is even more memorable and successful.”

Budge, who is the chair of Hearts, declared herself “immensely privileged” to have joined the efforts to save the club from liquidation.

“Like so many thousands of Hearts fans, I had no hesitation in pledging my financial support to the Foundation of Hearts from the outset and like so many others, my pledge is for life,” she added.

“I will continue to support the club, through the Foundation, for as long as I am able.

“Being the majority shareholder of any company brings with it great responsibility. I have shouldered that responsibility willingly for over seven years, supported every step of the way by the Foundation of Hearts. It will now be my great pleasure, in turn, to support the Foundation as they now take on that mantle.

“What we have achieved together is nothing short of remarkable. That togetherness must remain as we look proudly towards the future.

“We must ensure that future generations of football supporters can continue to enjoy what we have fought so hard to protect.

“The 30th August will be a truly momentous occasion. It is the day we deliver on what we set out to achieve; the day Hearts becomes the largest fan-owned football club in the UK.

“So many said it could never be done. Well, together we have done it. Thank you all. Now, let’s go on to achieve even more.”